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二级资本债周度数据跟踪(20250811-20250815)-20250816
Soochow Securities·2025-08-16 15:20

Report Industry Investment Rating No relevant content provided. Core Viewpoint of the Report The report presents a weekly data tracking analysis of secondary capital bonds from August 11 to August 15, 2025, covering primary market issuance and stock, secondary market trading, and valuation deviation of individual bonds [1]. Summary by Relevant Catalogs Primary Market Issuance and Stock Situation - This week, 1 new secondary capital bond was issued in the inter - bank and exchange markets, with a scale of 1.5 billion yuan, a maturity of 10 years, an issuer of private enterprise nature, a subject rating of AA+, and the issuer located in Zhejiang Province [1]. - As of August 15, 2025, the outstanding balance of secondary capital bonds reached 4,678.385 billion yuan, a decrease of 49.6 billion yuan from the previous weekend [1]. Secondary Market Trading Situation - This week, the total trading volume of secondary capital bonds was approximately 161.7 billion yuan, an increase of 1.1 billion yuan from last week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 01BC (9.088 billion yuan), 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (7.077 billion yuan), and 25 Industrial and Commercial Bank of China Secondary Capital Bond 02BC (6.736 billion yuan) [2]. - By the region of the issuer, the top three in trading volume were Beijing, Shanghai, and Fujian, with approximately 123 billion yuan, 11.8 billion yuan, and 7.2 billion yuan respectively [2]. - As of August 15, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were 8.09BP, 8.29BP, and 5.29BP respectively; for 7Y secondary capital bonds, the changes were 9.16BP, 7.91BP, and 7.91BP respectively; for 10Y secondary capital bonds, the changes were all 7.95BP [2]. Situation of the Top 30 Individual Bonds in Valuation Deviation % - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not large. The proportion of discount transactions was less than that of premium transactions, and the discount range was greater than the premium range [3]. - Among the discount bonds, the top three in discount rate were 21 Jiutai Rural Commercial Bank Secondary (- 6.9278%), 23 Weifang Bank Secondary Capital Bond 01 (- 0.3655%), and 21 Bank of Ningbo Secondary 02 (- 0.1633%). The implicit ratings of ChinaBond were mainly AA +, AA -, and AA, and the bonds were mainly distributed in Beijing, Zhejiang, and Shandong [3]. - Among the premium bonds, the top four in premium rate were 22 Great Wall Huaxi Secondary Capital Bond 01 (0.9132%), 25 Chouzhou Commercial Bank Secondary Capital Bond 02 (0.6656%), 22 Industrial and Commercial Bank of China Secondary Capital Bond 03B (0.5505%), and 21 Industrial and Commercial Bank of China Secondary 03 (0.5251%). The implicit ratings of ChinaBond were mainly AAA -, AA +, and AA, and the bonds were mainly distributed in Beijing, Shanghai, and Guangdong [3].